Two Buildings Are Driving Down Condo Values By Over 20% in This Toronto Neighbourhood
While Toronto’s condo market remains hot throughout the city, with the average selling price for a unit currently sitting at $716,976, finding a condo selling below this seems like a dream. But in Little Portugal, units are selling well below the current average — driving down the neighbourhood’s average property values by a considerable amount.
A new report from Strata has revealed that condo units in the Little Portugal pocket were selling for an average of $582,000 (or 18.8% less than the current average) last month.
According to MLS data for the area (C01), 33 units sold in Little Portugal in May, with 13 of them selling well below the current average, while more than half of those transactions were concentrated in two buildings: 36 Lisgar Street and 68 Abell Street.
As a result, Sam Massoudi, real estate agent at Strata, says these sales drove down the neighbourhood average by over 20%.
“It’s really peculiar to see 1-bedrooms selling in the low $400s, considering the Toronto average for units this size are actually $560,000,” said Massoudi.
Strata says when 36 Lisgar and 68 Abell are removed from the MLS data search, the average sale price of a condo for May in Little Portugal jumps to $753,000.
“If those two buildings did not exist, Little Portugal would have some of the highest real estate values in the city. It would beat out neighbourhoods like High Park, Cabbagetown and Leaside, which sit at $700,000, $713,000, and $677,000, respectively,” reads the report.